OREANDA-NEWS In Germany 70% of companies have suffered from the hikes in energy prices, the newspaper Der Spiegel, citing data from a survey of the Institute for Labor Market and Professional Research, according to Gazeta.ru.

According to the survey, 14% of German companies have reduced their productivity because of the special operation of Russia in Ukraine. The majority (70%) of companies have already suffered from gas price hikes.

About 45% of the companies said that they were forced to raise prices because of the consequences of the Russian special operation. Another 27% of those surveyed indicated that they were waiting for a price increase. More than half (58%) of German companies said they would not be able to replace gas supplies from Russia any time soon.

Earlier on Wednesday, Steffen Kottere, a member of the Bundestag committee on climate protection and energy, said that the embargo on Russian oil supplies will have a devastating effect on the German economy and will accelerate deindustrialization of the country.